Arvest reaches $1B mortgage mark ahead of 2014

Arvest Bank reached the $1 billion mortgage loan mark for the 13th consecutive year and faster than it did in 2014.

The milestone came Aug. 21, when the Arkansas-based banking company closed its 6,380th loan. Last year, the company hit the mark on Sept. 30, according to a news release issued this morning.

“Low mortgage rates in early 2015 really stimulated this year’s mortgage activity and complemented the improved home buying season through the early spring and well into summer,” said Steven Plaisance, president and CEO of Arvest’s mortgage division, in the release.

Arvest officials say 2015 is the second consecutive year where purchase-money loans beat refinances. Through Aug. 21, purchase-money loans accounted for 61 percent of Arvest’s total loan volume. That’s down from 68 percent last year, but up from 43 percent in 2013 and 33 percent in 2012.

“We are very pleased to see our overall volume being led by existing home sales and new construction activity in many of our markets,” Plaisance said in the release. “Homeownership continues to be the choice for the majority of people in the markets we serve.”

Arvest operates over 270 branches in Missouri, Arkansas, Oklahoma and Kansas via 16 regional markets, including Springfield. In the Queen City, the company operates four branches, according to Arvest.com.

As of Aug. 31, Arvest issued 4,110 purchase-money loans valued at $652.8 million, up from 4,073 loans valued at $610.8 million at the same time last year.

The average loan size increased to $158,407 as of Aug. 31, compared to $148,661 last year, according to the release.